S-1003
First Session, Forty-first Parliament,
60-61 Elizabeth II, 2011-2012
SENATE OF CANADA
BILL S-1003
An Act to authorize Industrial Alliance Pacific Insurance and Financial Services Inc. to apply to be continued as a body corporate under the laws of Quebec
AS PASSED
BY THE SENATEMAY 1, 2012
1121
SUMMARY
This enactment authorizes Industrial Alliance Pacific Insurance and Financial Services Inc. to apply to be continued as a body corporate under the laws of the Province of Quebec.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
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1st Session, 41st Parliament,
60-61 Elizabeth II, 2011-2012
senate of canada
BILL S-1003
An Act to authorize Industrial Alliance Pacific Insurance and Financial Services Inc. to apply to be continued as a body corporate under the laws of Quebec
Preamble
Whereas Industrial Alliance Pacific Insurance and Financial Services Inc. (the “Company”), having its principal place of business in the City of Vancouver, in the Province of British Columbia, has set out in its petition:
(a) that the Company was incorporated on March 10, 1967, by a special Act of the Parliament of Canada, An Act to incorporate The North West Life Assurance Company of Canada, being chapter 105 of the Statutes of Canada, 1966-67;
(b) that under the provisions of the special Act, the Canadian and British Insurance Companies Act applied to the Company;
(c) that the Company was continued as a company incorporated by letters patent issued on October 22, 1982, under the Canadian and British Insurance Companies Act;
(d) that the Company changed its name to “Industrial-Alliance Pacific Life Insurance Company” on September 1, 2000;
(e) that the Company changed its name to “Industrial Alliance Pacific Insurance and Financial Services Inc.” on July 17, 2007;
(f) that the Company is governed by the Insurance Companies Act;
(g) that the Company wishes to apply to be continued as a body corporate under the laws of the Province of Quebec;
(h) that the participating policyholders of the Company, by a majority vote at an annual and special meeting of the Company, approved that the Company apply to be continued as a body corporate under the laws of the Province of Quebec and petition Parliament for authorization to do so;
(i) that the shareholders of the Company, by a majority vote conducted separately from the vote of the participating policyholders at an annual and special meeting of the Company, approved that the Company apply to be continued as a body corporate under the laws of the Province of Quebec and petition Parliament for authorization to do so; and
(j) that there is no legislative provision authorizing an insurance company incorporated under the laws of Canada to apply to be continued as a body corporate under the laws of a province;
And whereas the Company has by its petition prayed that it be permitted to apply to be continued as a body corporate under the laws of the Province of Quebec and it is expedient to grant the prayer of the petition;
Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Authorization
1. Despite subsection 39(5) of the Insurance Companies Act, the Company may apply to be continued as a body corporate under the laws of the Province of Quebec as if it had been incorporated under those laws.
Effect of continuation
2. On the day on which it is continued as a body corporate under the laws of the Province of Quebec, the Company ceases to be governed by the Insurance Companies Act.
Published under authority of the Senate of CanadaAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada